BHP Billiton, the world's largest mining company, has reported its full-year profit more than doubled to $US12.7 billion ($14.4 billion) as sales rose 5.2 per cent.
For the year, the company's revenue totaled $US52.8 billion, the company said. The $US12.7 billion profit included exceptional items, and compared with $US5.88 billion a year earlier.
In the second half alone, profit rose 47 per cent, in line with analysts' forecasts, after a sharp rebound in iron ore and copper prices.
Locally traded BHP shares fell 10 cents, or 0.3 per cent, to $37.44, prior to the release of its earnings report. But in early London trade BHP shares were up 6 pence at 1809 pence.
Limestreet Capital portfolio manager Stephen Bartrop said the company's cash flow was strong.
"The $US17.9 billion is a serious amount of cash and I guess that was flagged by (CEO) Marius (Kloppers) in the sense it underpinned their capacity to execute the Potash Corp deal," he said.
BHP, which has made a $US39 billion hostile bid for top global fertiliser maker Potash Corp, said it was cautious on the short-term global outlook and that the Chinese economy, its biggest customer, would slow from recent highs.
Net profit before one-offs for January-June rose to $US6.77 billion from $US4.59 billion a year earlier, compared with analysts' forecasts for around $US6.9 billion, according to a survey of 13 international brokers.
BHP is targeting Potash Corp with a $US130 a share offer to power its next phase of growth, launching into a completely new market for the global miner, which has made some of its shareholders nervous.
BHP shares have dropped 6.8 per cent since announcing the bid a week ago, heavily underperforming a 2.6 per cent fall in rival Rio Tinto, as investors are worried about the risks BHP is taking on with the bid.
But BHP is still in a strong position to raise its Potash offer, as widely expected, with $US45 billion in debt lined up and annual cash flows of $US24.5 billion. The group's net debt fell to $US3.3 billion, with net gearing down to a mere 6 percent.
BHP will pay a final dividend of 45 US cents.
Of the key divisions, BHP's iron ore unit delivered full-year underlying profit before interest and tax of $US6 billion, down 4 per cent, while the petroleum unit's profit totaled $US4.573 billion, up 12 per cent. Base metal's underlying EBIT more than tripled to $US4.63 billion.
Bloomberg News with Reuters, AAP